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Old 03-12-2008, 09:22 PM   #1
Navy Blue
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Dilmma!

i kinda need some advice, there's this dealership i found with a pretty nice camaro and i'd be totally and could buy it BUT! there's a dilemma i have to deal with, i'm making payments on my impala, it'll be atleast a year before i'm finished paying for it, but summer is around the corner and what better way than in a camaro :( so getting to the point here's my question

Should i buy the camaro, i like how it looks n all but i havent test drove it, but chances are its going to be great! Or.. do i pay my impala as fast as humanly possible and save for a 5th gen? or just pay my impala reguardless? i'm sure i can handle 2 insurances and the car notes, but...is it worth it? i'd have to do alot of number crunching and maybe work a little O/T, but i really like the car...

personally i've been told at work, "pay the impala" and "save for u'r new camaro not a used one" but its so sexy! so i want u'r guy's and ladies's imput thx
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Old 03-12-2008, 09:31 PM   #2
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Pay off impala, buy 5th Gen Camaro...
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Old 03-12-2008, 09:39 PM   #3
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Quote:
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Pay off impala, buy 5th Gen Camaro...
+1^^^^

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Old 03-12-2008, 09:40 PM   #4
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Old 03-12-2008, 09:44 PM   #5
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Old 03-12-2008, 09:47 PM   #6
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Tell us a little about this Camaro on the lot if you want an honest opinion. By you not even telling the color, I think you know your answer :p

It really depends on what you want. Having multiple cars is soooooo worth it so I'm tempted to tell you to hold out, but I know how tempting a shiney new Camaro sitting there staring at you can be. We have the collection to prove that
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Old 03-12-2008, 10:08 PM   #7
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As nice as the 4thgens are, I'd tell you to stick with the Impala for now, and hang on for another few months. The 5th gen is just around the corner. You know you won't be sorry with that purchase.
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Old 03-12-2008, 10:28 PM   #8
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I agree... stick with the Impala for now. That 5th Gen will be here before you know it... and it will be worth the wait!

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Old 03-13-2008, 12:27 AM   #9
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Buying a camaro now will make it harder to afford a new camaro next year. so if you think it may be possible somehow to maybe afford it all, you probably can't. If you have the money just sitting around its a different story.
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Old 03-13-2008, 02:15 AM   #10
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I know how tempting it can be....but really...you have less than a year before the 5th Gen is on dealer lots.

Pay off the Impala. If the dealers around you hike up the price on the 5th Gen you want, hold off a couple more months (saving money anyway since your Impala is paid off) and put down a nice downpayment on the shiny new 5th Gen a short while later. I realized a while ago that I MUST have the wifes Kia paid off in order to get my 5th Gen (can't afford two car notes).

Oh...and don't EVER put yourself into a situation where you MUST have the OT in order to afford something....NEVER. Work the OT now and either bank that money for the new car, or make payments to the principal of your Impala loan (save a couple bucks in the long run on those payments!)....pay it off sooner so you can start saving earlier.
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Old 03-13-2008, 02:28 AM   #11
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[
Quote:
Originally Posted by TAG UR IT View Post
Oh...and don't EVER put yourself into a situation where you MUST have the OT in order to afford something....NEVER. Work the OT now and either bank that money for the new car, or make payments to the principal of your Impala loan (save a couple bucks in the long run on those payments!)....pay it off sooner so you can start saving earlier.
Tag your a smart man! My wife and i started a policy 10 years ago to never pay for anything with credit (except the house) cash only. And never buy a car new but at least 2 to 3 years old...Let me tell you, it was the very best thing we've ever done in our lifeís.

We have Zero bills (except house stuff/gas/elect...ect)
We paid the house off. paid cash for our last two car (we drove the two previous cars into the grave to do this) 2006 H2 (mine) and 2003 covert VW Bug (wife).

You might think we have no kids...well let me tell you we have 4...Iím not trying to brag...but when you buy with credit...your just giving the bank about 30% more than your getting...and that adds up.

Yes I work overtime...but the overtime goes into the savings account and we budget the base salary.

If i can stress enough the importance to stay any from the extra debit...I know I want the first Camaro on the block and it might be the first new car I've bought in 15 years...but it'll be worth it!

So now I'll get off my soap box...but if you can do it...you'll never be happier.
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Old 03-13-2008, 03:07 AM   #12
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Quote:
Originally Posted by NOODLESgoneWILD View Post
[

Tag your a smart man! My wife and i started a policy 10 years ago to never pay for anything with credit (except the house) cash only. And never buy a car new but at least 2 to 3 years old...Let me tell you, it was the very best thing we've ever done in our lifeís.

We have Zero bills (except house stuff/gas/elect...ect)
We paid the house off. paid cash for our last two car (we drove the two previous cars into the grave to do this) 2006 H2 (mine) and 2003 covert VW Bug (wife).

You might think we have no kids...well let me tell you we have 4...Iím not trying to brag...but when you buy with credit...your just giving the bank about 30% more than your getting...and that adds up.

Yes I work overtime...but the overtime goes into the savings account and we budget the base salary.

If i can stress enough the importance to stay any from the extra debit...I know I want the first Camaro on the block and it might be the first new car I've bought in 15 years...but it'll be worth it!

So now I'll get off my soap box...but if you can do it...you'll never be happier.


I've been saying the same thing all along. Unfortunately I'll be taking on an insane amount of debt in 2 months time (almost none of it mine) and my formerly positive net worth that I was so proud of will go straight into "better off dead" territory. Debt is a horrible, horrible thing. Because of it, I won't be getting a new Camaro. When I found out about what I was taking on tonight, I watched that dream shatter into a million pieces. Avoid it all at costs. Have fun with your Camaros. I sure envy you all.
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Old 03-13-2008, 07:07 AM   #13
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Quote:
Originally Posted by NOODLESgoneWILD View Post
[

Tag your a smart man! My wife and i started a policy 10 years ago to never pay for anything with credit (except the house) cash only. And never buy a car new but at least 2 to 3 years old...Let me tell you, it was the very best thing we've ever done in our lifeís.

We have Zero bills (except house stuff/gas/elect...ect)
We paid the house off. paid cash for our last two car (we drove the two previous cars into the grave to do this) 2006 H2 (mine) and 2003 covert VW Bug (wife).

You might think we have no kids...well let me tell you we have 4...Iím not trying to brag...but when you buy with credit...your just giving the bank about 30% more than your getting...and that adds up.

Yes I work overtime...but the overtime goes into the savings account and we budget the base salary.

If i can stress enough the importance to stay any from the extra debit...I know I want the first Camaro on the block and it might be the first new car I've bought in 15 years...but it'll be worth it!

So now I'll get off my soap box...but if you can do it...you'll never be happier.
I'm so jealous. We are about 1 year into a similar plan. I can't wait to get there... Good for you!
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Old 03-13-2008, 05:05 PM   #14
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Quote:
Originally Posted by stovt001 View Post


I've been saying the same thing all along. Unfortunately I'll be taking on an insane amount of debt in 2 months time (almost none of it mine) and my formerly positive net worth that I was so proud of will go straight into "better off dead" territory. Debt is a horrible, horrible thing. Because of it, I won't be getting a new Camaro. When I found out about what I was taking on tonight, I watched that dream shatter into a million pieces. Avoid it all at costs. Have fun with your Camaros. I sure envy you all.
Im sorry to hear that, but you sound like you know whats up...and Im sure the debit your taking on is worth it.

Sounds like to me your getting married, and yes that can bring on more debit than a single man is used to.

I wish you best of luck, and just keep the faith...and if you follow the guide lines of "Rich Man, Poor Man" You'll get the Camaro you want someday.

Just wait about 2 to 3 years and you'll be able to pick up a camaro (hopefully a "SS") from someone who' couldn't afford it and you'll save 10k to 15k or more. that has been my game plan for some years now...and it works well.

Just as an example, we baught my H2 last month...its a 2006, had 16k miles on it, its the Luxury model with all the EXTRA'S (jumpseat, ect.) And it looks like its brand new...We paid 38,250 cash from a dealership (Ebay) which buys at auction and sells at great prices. When we got all the orignal paper work, it sold new in June 2006 for 58k and some change (so 1 1/2 later) We saved 20k + using the "Rich Man, Poor Man" buying method. Its been a live saver for us.
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Old 03-13-2008, 05:07 PM   #15
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Quote:
Originally Posted by gtahvit View Post
I'm so jealous. We are about 1 year into a similar plan. I can't wait to get there... Good for you!
Awesome Dude...stick with it you'll never regreet it!!!

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Old 03-13-2008, 06:38 PM   #16
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Quote:
Originally Posted by NOODLESgoneWILD View Post

Just wait about 2 to 3 years and you'll be able to pick up a camaro (hopefully a "SS") from someone who' couldn't afford it and you'll save 10k to 15k or more. that has been my game plan for some years now...and it works well.
Thanks for the advice. Hopefully, that is exactly what I'll be able to do. Even if I can afford a new one, buying used is pretty tempting. The hit a new car takes driving off the lot is astounding.

Yup, I'm getting married. The good news is she's going into teaching, and we just found out that they improved the program that helps pays off teachers' student loans, saving us thousands of dollars, so it looks like we'll be OK after all. Glad to see some of our tax money is really finding its way to the teachers. But I digress...
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Old 03-14-2008, 12:50 AM   #17
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^That's great news! I read your post and was like... ...dang...that bites. Glad to hear it's lookin' better!
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Old 03-14-2008, 01:10 AM   #18
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Sorry to you can delete if you want, but it went like this- she had to take out some unsubsidized student loans, which carry a higher interest rate and start accruing right away, unlike normal subsidized loans which don't kick in until 6 months after graduation. So we figured all our money saved up for cars (she wants to get a Mazda 3 for herself. Darn nice car) would be better used for paying off those loans ASAP. It used to be teachers going into special ed (she wants to teach visually impaired and/or deaf students) would get portions of their loans paid back yearly after 3 years. Now they changed it so they pay back 2000 after one year, and increase from there up to 19000, almost the total of her unsubsidized loans. Freaking MAJOR decrease in our debt burden as the interest won't accrue much at all, so our car fund is safe once again. Camaro here I come!

Oh and she has a good chance at getting a really good paying job with good benefits too, so possibly double good news today.
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Old 03-14-2008, 02:48 AM   #19
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Right on!
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Old 03-14-2008, 07:48 AM   #20
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wait 4 a new one but its ur choice just make sure its the right choice and doesn't drown u n financial problems
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Old 03-16-2008, 11:31 PM   #21
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i'm partlty taking the advice...i'll pay off my impala first!...but as soon as i get my title i get my camaro, keeping the impala too =/ after seeing this car i'm not sure i want a 5th gen...its that awesome!! hopefully before i get this delicious 4th gen some more news on the 5th gen come out and hopefully change my mind, it'll be about 6 months til my impala's fully mine and i'm making triple payments on it to get my title asap!
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Old 03-17-2008, 01:08 AM   #22
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Think about it this way. I'm driving an Impreza wagon and I'm waiting. At least you get to drive a Chevy while you wait.
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Old 03-17-2008, 02:43 PM   #23
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true, though i have nothing against subaru. i guess i'll wait it off, those ss pics look pretty awesome, and it being a used car i'm not sure if i'll trust it as much as a new, but only time will tell.
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Old 03-17-2008, 05:20 PM   #24
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You could always buy a older Z28 4th gen a bit cheaper ;].
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sorry guys.. sold Camaro and got a Cadillac CTS, waiting for a few years to get a 2010 SS used ;]
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